Modinomics—Transforming Social Security in India Through Affordable Insurance and Pension

PM Modi’s Jan Suraksha schemes have expanded affordable insurance and pension access across India, shifting social security from welfare to empowerment for millions.

Modinomics—Transforming Social Security in India Through Affordable Insurance and Pension. In a landmark move towards financial inclusion and social security, Prime Minister Narendra Modi launched three flagship schemes on May 9, 2015, in Kolkata; the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Atal Pension Yojana (APY). Collectively known as the "Jan Suraksha" or "Three Jan Suraksha Schemes," these initiatives were conceived under the broader vision of "Jan Dhan se Jan Suraksha", linking the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) banking accounts to comprehensive risk protection for the masses. Bima Suraksha (PMSBY) provides affordable accident insurance, while Jeevan Jyoti Bima Yojana (PMJJBY) offers life cover. APY completes the trinity by ensuring pension sec...